The 60-year-old was linked with a return to the Imtech Arena before the club's board decided against hiring him to replace Bert van MarwijkFelix Magath says he wanted to help Hamburg through their current struggles by returning to the club were he made his name.
HSV currently sit in the drop zone following a string of seven losses in all competitions, piling the pressure on Bert van Marwijk, who was only appointed in September.
Magath was strongly-linked with a return to the club he represented as both player and coach, but the board decided to retain the Dutchman.
"I would have liked to have helped," Magath told Bild.
"I'm not mad. I don't have a job, but I wanted one. We haven't found a way to come together. We didn't come forward together.
"These are difficult times for Van Marwijk. But it is common that when results are bad, the coach comes under fire. But others are guilty at HSV.
"The players need to fight more together. I don't think you can just do it for yourself.
"HSV belongs to me as I belong to HSV. But I'm not disappointed."
Magath released a statement on his Facebook page on Thursday claiming that the Hamburg board had "set themselves" against him.